While Bitcoin L2s were busy hemorrhaging funds like a leaky faucet, Hemi, the new kid on the blockchain, decided to show off by hoarding over $260 million in its private mainnet. 🤑
Hemi, a Bitcoin layer-2 protocol brainchild of Jeff Garzik (yes, the same guy who probably still uses a flip phone), has somehow convinced people to lock up a small fortune ahead of its mainnet launch. 🚀
For the uninitiated, BTC L2s are like Bitcoin’s sidekicks—sidechains that promise to bring DeFi to the OG crypto. Hemi, along with its buddies Core, Bitlayer, and Stacks, is here to make Bitcoin do tricks like staking and yield generation. 🎪
According to Hemi’s native explorer, deposits are up, with 2,686 liquid BTC derivatives and 3,207 ETH staking tokens. Because, why not? 🤷♂️
This TVL will be deployed onto Hemi’s DEXes and lending protocols to provide Day One liquidity to facilitate trading, borrowing, staking, and yield farming for popular assets across the Bitcoin and Ethereum ecosystems.
Hemi team
While Hemi is busy flexing its $260 million muscles, the rest of the Bitcoin L2 world is having a yard sale. Core, the reigning champ, saw a 12% drop in TVL last week. Bitlayer, BSquared, Rootstock, AILayer, and Stacks are also feeling the pinch as the market takes a breather. 🥱
Hemi’s $260 million stash would put it in the top five protocols, but let’s not forget—it’s all locked up in a private mainnet. The public mainnet launch? Still a mystery. 🕵️♂️
The launch remains on track, and the testnet incentives will conclude shortly before the public Mainnet launch. Once Mainnet is live, the first round of incentives will begin. The token generation event (TGE) is still planned for four to six weeks after the Mainnet release.
Hemi blog
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2025-02-13 19:39